Council Applauds Unemployment Rate Drop to 8.3 percent

The Department of Labor announced today that the unemployment rate has fallen to 8.3 percent, a level that hasn’t been reached since February of 2009. This figure beats economists’ estimates and represents the fifth consecutive month of falling unemployment.

Employers across the country added about 157,000 jobs in November; 243,000 in December; and 243,000 in January. The jumps in employment came from almost all sectors, including manufacturing, professional and business services, and construction and health care industries. The manufacturing sector recorded its highest increase in a year, with 50,000 additional payrolls. At the same time, construction showed a positive gain of 4,000 jobs with 21,000 created in December and 14,000 lost last month as a result of federal and states cuts.

Although these numbers indicate a recovering U.S. economy, many Americans continue to struggle.  Data released today show a large number of Americans who have dropped out of the labor force or continue to work part time because they cannot find full time work. Taking those Americans into account, data show that 15.1 percent of U.S. workers are unemployed, marginally attached, or underutilized. Policymakers should adopt policies outlined by the Council on Competitiveness to boost employment and U.S. incomes.

As outlined in Make: An American Manufacturing Movement, the Council calls on U.S. leaders to reduce government debt; implement reforms to grow the manufacturing sector; and make strategic investments in talent, technology and infrastructure to unleash innovation and economic growth.